The digital revolution is disrupting the art world, both for better and worse. It's fascinating to see how artists adapt.
The Storm Hits the Art Market
61–70 of 221 posts
Re: The Storm Hits the Art Market
#62Earlier quoted context omitted.
NFTs were about transparency in provenance, using public, tamper-proof records, that replace jurisdictions/authorities with the type of math that enabled cross-border digital payments. Sure there was a spin-off scam industry but there remains a kernel of legitimacy in the concept.
Nah, man. I work in the space and I was there. NFTs were the second attempt on an earlier idea that had already been discarded as pointless: supply chain management. The problem with NFTs was the same as with supply chains; there's no link between the blockchain and IRL, so the blockchain doesn't really add anything, just makes things more complicated. NFTs were therefore a tool to part fools from their money right f…
NFTs make more sense as digital signatures.
Re: The Storm Hits the Art Market
#63> Major collectors have stopped buying art or significantly reduced their spending. The next generation isn’t there to take over from the old guard.
Just one example, one of the biggest Canadian collectors of contemporary art is condo marketer Bob Rennie, who during the foreign wealth lead boom in Canadian real estate, was making so much money that he opened up an entire personal downtown museum to show off his art works.
After layers of regulation against foreign buying amongst many other shifts in the economy (hi interest rates), condo sales are now in retreat with developers on the ropes and Rennie Marketing laying off staff.
Things change.
(I have no idea if Rennie has stopped buying, but given the sorts of big shifts in his industry, I wouldn't be surprised if he'd eased off!)
Re: The Storm Hits the Art Market
#64Earlier quoted context omitted.
NFTs were about transparency in provenance, using public, tamper-proof records, that replace jurisdictions/authorities with the type of math that enabled cross-border digital payments. Sure there was a spin-off scam industry but there remains a kernel of legitimacy in the concept.
NFTs? They didn’t really solve a problem other than providing something else to gamble with. Nobody bought a low-res pixelated ape image because it stirred something deep in their soul.
Not the image, the spreadsheet cell next to the image has their name in it
Re: The Storm Hits the Art Market
#65when covid happened gold prices, crypto and art prices went through the roof; now that the covid situation appears under control and markets have returned back to normal, everything is predictable again - it makes sense that art markets are taking a steep decline back to normal levels. Being able to hide assets during a time of //war/plague/market crash/comet strike etc// is a skill which will make a man great wealth if he offers the service to whoever is rich and still alive. It therefore seems logical that art markets and shows can mothball themselves for the time being.
Re: The Storm Hits the Art Market
#66Earlier quoted context omitted.
NFTs were about transparency in provenance, using public, tamper-proof records, that replace jurisdictions/authorities with the type of math that enabled cross-border digital payments. Sure there was a spin-off scam industry but there remains a kernel of legitimacy in the concept.
Nah, man. I work in the space and I was there. NFTs were the second attempt on an earlier idea that had already been discarded as pointless: supply chain management. The problem with NFTs was the same as with supply chains; there's no link between the blockchain and IRL, so the blockchain doesn't really add anything, just makes things more complicated. NFTs were therefore a tool to part fools from their money right f…
I remember IBM making huge claims about using the blockchain for supply chain management. For instance[1]:
> A recent pilot by KPMG, Merck, Walmart and IBM using blockchain injects new trust into the system by reducing the time it takes to trace prescription drugs from 16 weeks to just two seconds.
It was impressive how many people uncritically took these claims as facts.
Re: The Storm Hits the Art Market
#67I make an unusual kind of art, but I haven't tried selling it, as you need a stable of interested people, and I can only post it in one place at the moment (a Facebook interest group on tiling, Instagram is overrun with AI, you can't start a new profile without lots of existing supporters). I've considered opening a gallery in my local area just to sell my art (5 million people in the metro, and barely a real commerc…
What do you think the market is for this kind of digital art? Do you see this style of work attracting an audience elsewhere? How much is it selling for?
I'm far from an expert, but I do occasionally buy original artwork. The sheer multitude of works you are displaying (more than one a day!) devalues what you are doing. It suggests that these can be churned out with relatively little effort.
If you are really posting this for other people, and not just yourself, try posting fewer pieces. If you had to pick the single best work from July, which one would it be? If nothing stands out to you, then how is a potential customer supposed to pick you out from the crowd of similar artists?
I personally like the Persistence of Structure series, but they're each pretty interchangeable.
Re: The Storm Hits the Art Market
#68I'm amazed that the article doesn't discuss the end of ZIRP. The bursting of the art market bubble in mid 2022 coincides exactly with when interest rates started rising following the 'transitory' inflation caused by pandemic relief measures. This was also the same time that we started seeing hiring freezes in tech, the bursting of the luxury watch bubble, etc. It's all tied together, and has the same root cause: It s…
The US stock market and cryptocurrencies are both going gangbusters. You don't need ZIRP to be awash in cash. Money can print itself when rich people are optimistic.
I don't know what causes bubbles to pop, but I don't think it's directly related to US monetary policy. I suspect that the bubble just moved elsewhere.
Re: The Storm Hits the Art Market
#69when covid happened gold prices, crypto and art prices went through the roof; now that the covid situation appears under control and markets have returned back to normal, everything is predictable again - it makes sense that art markets are taking a steep decline back to normal levels. Being able to hide assets during a time of //war/plague/market crash/comet strike etc// is a skill which will make a man great wealth…
Gold hit a record high priced in USD today.
Re: The Storm Hits the Art Market
#70when covid happened gold prices, crypto and art prices went through the roof; now that the covid situation appears under control and markets have returned back to normal, everything is predictable again - it makes sense that art markets are taking a steep decline back to normal levels. Being able to hide assets during a time of //war/plague/market crash/comet strike etc// is a skill which will make a man great wealth…
> markets have returned back to normal
From my readings and general pulse checks, it’s quite the opposite. Old risk calculations have been thrown out, and there is no new normal. Everyone operates under the assumption that market is god, and it will be bailed out in case if things go sideways, so exposure to equity is high.